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Employers hit wall on using ‘golden handshake’ provision

first_imgEmployers hit wall on using ‘golden handshake’ provisionOn 1 Mar 2003 in Personnel Today Comments are closed. Related posts:No related photos. TheInland Revenue has introduced new rules that will make it far harder foremployers to avoid tax and national insurance on severance payments.Ithas been possible to make severance payments tax free – usually up to £30,000 –by using the ‘golden handshake’ provisions in the tax legislation.Thelaw states that a severance payment made under a payment in lieu of notice(Pilon) clause will be taxable and subject to national insurance contributions(NIC). Wherethere is no clause or the employer chooses to breach the contract and paydamages, it has been common practice to claim the golden handshake provisionsapply and that no NIC is payable.However,the IR’s new Statement of Practice on the tax treatment of severance paymentssays it will now presume tax and NIC are due whenever a Pilon is made “as anautomatic response to a termination”, even where the employer intends toterminate the contract in breach and pay damages.Ineffect, where there is evidence of a ‘practice’ of making Pilons without givingit much thought, they will be treated as taxable.Thenew regime is likely to lead to disputes between the IR and employers whoassume their severance payments fall within the golden handshake regime. Previous Article Next Articlelast_img read more

Interest in homeownership on the up and up

first_imgWhen the residential real estate bubble burst a decade ago, many people’s dreams of homeownership deflated as well. Increasingly, though, renters are looking to become buyers, suggests Daniel Sugg, chief mortgage lending officer at Michigan First Credit Union, that serves homeowners across the state. The CU offers mortgages through Michigan First Mortgage, a credit union service organization. Sugg recently shared insights on marketing mortgages.Q: How’s business?Sugg: With mortgage rates sitting at near historic lows, we are seeing more people—especially millennials—gravitating toward the idea of buying a home. Rental rates are high right now, making homeownership more affordable. We are seeing this trend unfold in areas such as Detroit and Grand Rapids, but we have also experienced significant growth in the Lansing and Livingston County markets as well. Editor’s note: The Fed raised rates in March and is expected to do so as many as three times in 2017. 12SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »last_img read more

Raincoats and rubber boots for Pakistani aid workers in coronavirus fight

first_imgDoctors in the capital, Islamabad, last week threatened to go on strike over a lack of protective equipment in hospitals.The health ministry has acknowledged some problems with facilities and shortages of equipment to tackle the virus and officials have said they are importing personal protection equipment from China.Edhi said his organization was getting dozens of calls a day from people worried that they or their relatives were infected with the coronavirus.”We advise them to self-isolate and separate the utensils,” he said.  Pakistan’s biggest charity, famous for its emergency services for the poor, is kitting staff out in rain coats and rubber boots in the battle against the coronavirus as it can’t get hold of proper personal protective equipment, the organization says.Pakistan has reported the highest number of coronavirus infections in South Asia, with 1,179 cases and nine deaths, but health experts say there is a lack of public awareness about the virus and the cash-strapped government is ill-prepared to tackle it.The Edhi Foundation has for decades stepped in to help when government services fail communities and it runs the country’s largest ambulance service. Topics :center_img Now it has had to train dozens of staff on how to handle suspected coronavirus patients. But providing them with proper protection is a problem given a nationwide shortage of the equipment.”We’ve compromised on certain things and use alternatives,” Faisal Edhi, head of the Edhi Foundation, told Reuters at his office in Karachi, Pakistan’s biggest city, on Thursday.”Full aprons are in short supply in the market.”He said he was confident the raincoats would work just as well.last_img read more

Local Business Won 2014 Eco Chic Award

first_imgPictured from left: Amanda Herth, Elizabeth Haeufle, Steven Sons. Elizabeth Haeufle of Sunman represented Guys & Gals Quarters.Guys & Gals Quarters, from Batesville, was recently honored with winning the “2014 Eco Chic Award”.This award was given to only one of 51 models participating in the Aveda Catwalk for Clean Water Event at the Alexander Hotel in Indianapolis on April 27.The event theme was called Global Culture Clash – Borrowing and blending colors, and textures from other cultures. Guys and Gals Quarters entered 3 models for the event.Guys and Gals Quarters named their collection,” Tres Chic de la Trashion.” Guys & Gals models were Elizabeth Haeufle (Eco Chic Model), Amanda Herth and Steven Sons.Guys & Gals Quarters originated in Oldenburg 1977 and is owned and operated by Tamara Lamping. Tamara’s drive and passion for the industry created our “Everyday to Runway” looks. For Tamara it is not about the individual hair or spa experience it is about the Guest’s total experience.last_img read more